US stocks
fall over concerns about European debt crisis
Tuesday November 30, 2010 07:11:44 AM ,
DPA
|
New York:
US stocks fell Monday over concerns that the Irish bailout
wouldn't stem the European debt crisis, tensions simmering on the
Korean Peninsula and the release of thousands of secret US
diplomatic cables by WikiLeaks.
"There seems to be plenty to bother the market," E. William Stone,
chief investment strategist at PNC Wealth Management in
Philadelphia, told Bloomberg news. "There's concern about the
European financial crisis affecting healthier economies and the
viability of the euro. This issue seems to be far from over."
European officials' hopes of quelling financial market concerns
about the economic threat from the region's debt crisis with the
Irish bailout were dashed Monday, with sharp falls in bourses and
the euro.
This all came after frantic last-minute weekend negotiations to
present details of the 85-billion-euro ($113-billion) package
designed to help Ireland shore up investor confidence.
"The situation in Korea is hot and fluid," economist Robert Brusca
of FAO Economics said in a research note, according to CNN Money.
"The WikiLeaks data is very damaging to the US and to many of its
important allies."
The blue-chip Dow Jones Industrial Average dropped 39.51 points,
or 0.36 percent, to 11,052.49. The broader Standard and Poor's 500
index fell 1.64 points, or 0.14 percent, to 1,187.76. The
technology-heavy Nasdaq Composite Index was down 9.34 points, or
0.37 percent, to 2,525.22.
The US currency rose against the euro to 76.24 euro cents from
75.49 euro cents Friday. The dollar gained against the Japanese
currency to 84.27 yen from 84.06 yen.
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